Commodities Overview: Crude Oil Rises, Copper Prices Record Weekly Gains, Gold Rebounds

Due to traders expecting the Middle Eastern conflict to continue and further disrupt the energy market, oil prices are rising. Copper prices recorded their first weekly increase of the month, driven by signs of recovering demand. Buy-the-dip sentiment has pushed gold prices higher.

Crude Oil: Oil Prices Climb as Traders Expect Middle Eastern Conflict to Continue Impacting Supply

Due to traders expecting the Middle Eastern conflict to continue and further disrupt the energy market, oil prices are rising.

Global benchmark Brent erased earlier losses, rising 4.2% to close above $112 per barrel; WTI closed above $99 per barrel.

U.S. President Donald Trump has delayed the deadline for striking Iran’s energy infrastructure by 10 days.

U.S. Secretary of State Marco Rubio told CNN that the U.S. has not yet received Iran’s response to the Trump administration’s 15-point ceasefire proposal.

The fighting in Iran has nearly completely closed the Strait of Hormuz, a crucial energy transport route for the global economy, which has been severely obstructed.

While discussions about a ceasefire were still ongoing on Friday, the U.S. and Israel attacked Iranian nuclear facilities, prompting Iran to retaliate in the Persian Gulf region.

Recently, liquidity in the crude oil market has declined as traders, fatigued by the intensive news cycle, chose to stand on the sidelines, exacerbating price volatility.

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, stated that even if the conflict ends quickly, it would be difficult to eliminate the widespread physical damage and geopolitical impacts.

WTI crude oil for May rose 5.2%, closing at $99.64 per barrel;

Brent crude oil for May rose 4.2%, closing at $112.57 per barrel.

Base Metals

Despite the ongoing Middle Eastern conflict stirring the market, copper prices recorded their first weekly increase of the month, driven by signs of recovering demand.

Most industrial metals on the London Metal Exchange (LME) closed higher on Friday after U.S. President Donald Trump once again delayed the deadline for Iran to either reach an agreement or face more attacks. However, there are no signs that Tehran will accept Washington’s ceasefire demands, and Iran continues to exchange missile fire with the U.S. and Israel.

This conflict has been ongoing for nearly a month, weakening economic growth prospects and dragging down base metals. Aluminum is an exception, as the Strait of Hormuz is effectively closed, blocking about 9% of supply.

By the close, LME copper rose 0.4%, at $12,195 per ton;

LME aluminum rose 0.8%, at $3,296 per ton;

LME nickel fell 0.4%, at $17,186 per ton;

LME zinc rose 1.1%, at $3,115 per ton;

LME tin rose 3.8%, at $45,788 per ton;

LME lead rose 0.3%, at $1,896.5 per ton.

Precious Metals

Gold prices rebounded, and following the recent price decline, buy-the-dip sentiment accelerated, potentially recording the first weekly increase since the outbreak of the Iran war.

On Friday, gold prices rose by as much as 4.1%, breaking through $4,550 per ounce, recovering from the previous day’s losses.

Despite the rebound on Friday, gold prices still face bearish pressure due to deepening market skepticism about the prospects for a ceasefire. The U.S. and Israel bombed Iranian nuclear and steel facilities, while Iran retaliated in the Persian Gulf.

In the two weeks following the outbreak of the Iran war, the Turkish central bank sold and swapped approximately 60 tons of gold, exacerbating downward pressure on gold prices.

As of 4:24 PM Eastern Time, spot gold was up 3%, at $4,509.08 per ounce;

Spot silver was up 2.8%, at $69.9815 per ounce.

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